Not sure why, but one of the things most people dread is negotiating a salary. There are a number of reasons for this: 1) fear of asking for what you really want; 2) fear of finding out your true ‘value’ to a company; and 3) the fear of being rejected and enduring humiliation/embarrassment/discomfort, etc.

But the fact is, most companies need you more than you realize. You’re an asset to them (although they’ll often make you feel otherwise) and keeping you a happy, satisfied and comfortable is actually a priority. It costs them a lot to hire you, train you, maintain you and so on.

Also, they are literally BUYING part of your life, so you want to make sure you VALUE yourself accordingly. The only aspect of your life that you need to value more than anything else is your TIME, so be sure that time is accurately compensated. I’ll go more into depth on this front shortly, but let’s get into it…

Unleash Your Potential

If you can can master salary negotiation you will literally transform your professional journey. As someone who’s been in the corporate trenches and navigated the twists and turns of climbing the career ladder, I’m going to share some of the game-changing secrets that helped me go from five figures, to six figures and beyond. With consistent effort and a change in mindset, you could potentially double your income every 2-3 years.

Section 1: The Mindset Shift

Embrace Your Worth

First thing’s first – let’s talk MINDSET. One of the most powerful tools in your negotiation arsenal is confidence. All of us (especially us women) battle imposter syndrome, especially as we progress in our careers. I’ve been there too. The key? Embrace your worth. Know that you bring unique skills, experiences, and perspectives to the table. Believe in your value – it’s the foundation of successful negotiations.

Personal Anecdote: From Doubt to Confidence

Early in my career, I struggled with self-doubt when it came to negotiating my salary. I felt that whatever they were paying me must have somehow accurately reflected my worth to the organization.

However, I soon found out that there were two people in my department that were less qualified than me making MORE than me.

At first, this infuriated me, but I quickly realized that the only way to rectify the situation was to start by changing how I viewed my PERCEIVED value.

My company was certainly not required to pay me as much or more than my co-workers, and one could argue that there were a number of other factors that influenced why they were making more.

But, once I started to realize that we were all doing the same amount and type of work, I started to find ways to tout my successes within the company. I had to change not only MY mindset, but how the company perceived me as well.

Because ultimately, it’s how you’re VALUED is what determines your compensation. Value yourself first, increase your perceived value and the rest will fall into place.

Section 2: Know Your Worth

Research and Benchmarking

Now, let’s get practical. Knowing your worth begins with understanding industry standards and salary benchmarks. Take the time to research salaries for your role in your industry and location. Websites like Glassdoor, Payscale, and industry reports are gold mines for this information.

You might also reach out to others within your industry to get a sense of what other companies are paying for the same type of position. People within an organization usually don’t feel all that comfortable discussing salaries (as this is seen as taboo), but outside your particular company people are often willing to give specifics that can be very valuable to you in your negotiations.

What’s Your UNIQUE VALUE PROPOSITION?

Consider your unique skills, experiences, and accomplishments. What sets you apart? Create a list of your achievements and contributions to showcase during negotiations. Remember, you’re not just asking for a paycheck; you’re advocating for the value you bring to the table.

Every company has to answer this question because it’s the UVP that drives consumers to choose them over the competition. This works exactly the same way with employees. Senior leaders look to those those whose value is clearly identifiable. If you can’t identify what YOUR UVP is, how do you expect anyone else to do the same?

So take some time here and really think this through. It’s one thing to think you should be paid more, it’s another to be able to PROVE why,.

Section 3: Preparation is Key

Rehearse, Rehearse, Rehearse

Negotiation is like a dance – the more you practice, the smoother it becomes. Rehearse your key points, responses to potential questions, and any data you plan to present. Enlist a friend or mentor to role-play with you; it makes a world of difference.

Plan for the “no.” A “no” is to be expected. You have to learn how to respond to a “no” in a way that’s not “but, but, but…” Think of all the reasons why your boss might say no to your request and have answers at the ready.

“This quarter is a bit slow for us, so there’s not much room in the budget.” “You’ve only been here a short while.” “You’re being paid appropriate to industry standard.”

Whatever.

You’re going to hear a thousand reasons why they DON”T want to pay you. You have to provide reasons why they MUST. So be ready to address these pushbacks with specific responses to negate their power.

Gathering Supporting Data

To this end, you need to be well-prepared by having data to back up your request. Whether it’s industry salary ranges, your accomplishments, or market trends – having supporting data strengthens your position.

Personal Note: I once negotiated a significant raise just by presenting the company’s growth metrics alongside my contributions. The result? A spot bonus for me plus a 15% salary bump based on the metrics I provided — I’d call that a win-win for both parties.

Section 4: Effective Communication Strategies

Speak with Confidence

Communication is the heartbeat of negotiation. Your communication style is either an asset or a weakness.

Speak with clarity, assertiveness, and confidence. Use ‘I’ statements to express your value and contributions. Instead of saying, “I think I deserve,” say, “Based on my achievements, I merit X.”

It’s the definitive stance that will get their attention. You’re presenting black and white numbers — being OBJECTIVE instead of SUBJECTIVE. You’re stating outright that your contributions have directly enhanced the company’s position, so they need to reward you for accordingly.

Assuming you have the appropriate data to back up your response, speaking with confidence should be a no-brainer.

A little nervousness is expected, which is why you need to rehearse this conversation multiple times prior to engagement.

Personal Anecdote: Finding My Voice

Early in my career, I shied away from assertive communication, fearing it might be perceived negatively. I’m more of a people pleaser and it’s hard for me to express myself in a way that feels forceful.

I tried multiple times to approach these conversations in more of a friendly, somewhat wishy-washy one, but it wasn’t until a mentor encouraged me to confidently articulate my value that I saw a significant shift in my negotiations.

Section 5: Navigating Gender Biases

Acknowledge and Overcome Biases

As much as we hate to admit it, we can’t control the biases of other people. In particular, gender biases are still a driving force in corporate America. Unfortunately, they exist and are stronger than ever — and are significant hurdles to overcome in some industries more than others.

However, acknowledging and strategizing to overcome them is crucial. Frame your negotiations around your achievements, skills, and value rather than personal circumstances. This disarms your superior and maintains focus on your achievements rather than your physical being.

Stay Professional

Still, the biases might be blatant. So when faced with such small mindedness, it is of the utmost importance to maintain professionalism. Do NOT let your emotions get the best of you.

Share achievements, express gratitude for opportunities, and focus on the positive impact you’ve made. Turning challenges into opportunities for growth is a superpower.

Section 6: Timing and Approach

Choose the Right Moment

Timing is everything. Negotiate at strategic points, such as performance reviews or after a significant accomplishment. This ensures your request aligns with your contributions.

It’s also just as important to know when NOT to approach your bosses about a salary boost. Maybe there was a downturn in the market, perhaps they’re looking to do layoffs, the economy is looking bleak, etc. These are not the times anyone would be open to celebrating your particular accomplishments.

Strategic Approach

To this end, it’s crucial that you approach negotiations strategically. I once waited until after a successful project completion to negotiate. My rationale? I had tangible proof of my value, making it an opportune time for a discussion.

But my greatest successes would come shortly after we announced positive quarterly earnings. I used to study our financials and find areas that I knew I could call out as having had a direct impact.

After such announcements, the C-suite is usually in a much better mood and I theorized that they’d be more open to hearing conversations about rewarding those who had a hand in the positive news. Thankfully, in all four occasions, I was right.

First to Say a Number Loses

When it comes to Salary Negotiation, one of three things will happen: 1) you’ll be given a reason why it’s not possible; 2) you’ll be told to come back at a different time or 3) you’ll be given a number and have to negotiate.

Someone once told me that when it comes to a financial negotiation, the first person to say a number loses. Meaning, you want to have your number in mind, but let your boss reveal what they’re thinking first. You might end up being happily surprised that their number is higher than what you were seeking.

If lower, this is where you need to showcase your VALUE to get you to the number you have in mind.

Pigs Get Fat and Hogs Get Slaughtered

Do not be greedy. You’re playing a bit of the long game here. Do your research and find out what’s a reasonable ask and go in with that number in mind.

You’re not getting a 500% raise. That’s just not happening unless you or your parents own the company, or unless you did something so extraordinary that a 500% raise is warranted. Be realistic and you greatly increase your chances of success.

Section 7: Handling Counteroffers

Collaborative Solutions

It’s important to remember that negotiations are a two-way street. It’s likely that you’ll suggest a number and they’ll come back to you for something less than what you sought. So, when faced with counteroffers, view them as opportunities for collaboration.

After all, you’re going to have to continue to work for this company, so you want to be sure you find middle ground that satisfies both parties. It’s not just about getting what you want; it’s about building a positive working relationship.

Personal Anecdote: A Win-Win Counteroffer

I once received a counteroffer during negotiations. Initially, I was a bit taken aback and offended by the number that was offered. But luckily Instead of a standoff, we collaborated to find a compromise. The result was a win-win – a higher salary for me and a strengthened working relationship.

Conclusion: Empower Your Financial Future

Salary Negotiation is not just about money; it’s about recognizing your value, embracing your worth, and taking control of your career trajectory. Go out there, confidently advocate for yourself, and watch the incredible transformations unfold.